RBC plans 7% barrier notes linked to 10-year U.S. dollar ICE swap rate

By Devika Patel

Knoxville, Tenn., June 10 – Royal Bank of Canada plans to price 7% barrier notes due June 21, 2017 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the final reference rate is less than 1.109%, in which case investors will receive an amount equal to the principal amount multiplied by a fraction consisting of the reference rate on June 14, 2017 divided by 1.109%.

RBC Capital Markets, LLC is the agent.

The notes (Cusip: 78012KNA1) will price June 16 and settle June 21.

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